A quick trawl of international estate agents on the web, tells you that's a price that wouldn't be too out of place in some of the more swanky neighbourhoods of London, Paris or New York.

The question is: can anyone afford to buy it?

Tunnel millionaires

Some of the few who can have made their money down on Gaza's southern border with Egypt.

In Gaza you have thousands of families who can't find enough money to buy food to eat every day. Yet you have people who have millions of dollars that they don't know what to do with. It's an unreal situation.Omar Shabban, Economist, Palthink

Not the dusty workers dragging bags of cement up from underground, but the bosses - the people running the tunnel industry bringing in smuggled goods.

The trade has flourished under an ongoing Israeli and Egyptian blockade tightened when Hamas came to power in Gaza.

In 2010, after international pressure, Israel eased the blockade allowing more goods into Gaza, but construction materials in particular remain heavily restricted.

Israel, which says its blockade is a security measure against arming Gaza's militants, fears the materials could be used for military purposes.

But the tunnel business has made a handful of people in Gaza, many with close ties to the Hamas government, very rich.

"The tunnel trade between Gaza and Egypt has led to he creation of what we call the new millionaires," says Omar Shabban, an economist with the Gaza based think tank Palthink.

"These new millionaires, maybe one or two hundred of them, have been able to collect a lot of money in a very short time - let's say $2m every two months. Huge money. The easiest and the safest investment for them is land," says Mr Shabban.

He says it is that investment which is largely responsible for forcing land prices up so rapidly.

But all this is a world away for most Gazans with the United Nations figures showing the average wage is just $15 a day.

"This is out of reach for 99% of Gazans. In Gaza you have thousands of families who can't find enough money to buy food to eat every day. Yet you have people who have millions of dollars that they don't know what to do with. It's an unreal situation."

Mr Shabban says Israel and Egypt's blockade has hurt ordinary people while allowing a few people with good government connections to flourish.

Image caption
As the building goes on, the gap between rich and poor continues to grow

He says the surge in the value of land has highlighted the gap between the haves and the have-nots.

"This is why there are some people in Gaza who don't want the blockade to be fully lifted. This is why some people are happy when rockets are fired into Israel so the border will remain closed. Israeli is rewarding these people and punishing the majority."

And the problem is only going to get worse. In Jabalia, one of the poorest neighbourhoods in Gaza City, you can see kids everywhere.

Palestinians who seem to put a premium on education always seem to have them immaculately turned out.

But their smart little school uniforms contrast with the rubbish strewn streets on which they play.

Over half Gaza's rising population are children. In a recent report the United Nations said there will be half a million more people in this tiny strip of land by 2020.